PALO ALTO, Calif., May 07, 2024 (GLOBE NEWSWIRE) — Multifamily owner-operator and investment manager Pacific Urban Investors (“Pacific”) has entered the Atlanta market acquiring their first property in the MSA totaling 412 units with a total consideration of $102.5 Million. Mount Vernon Flats at The Perimeter (rebranded The Kinsley at Perimeter Center) (the “Property”) is located in the job- and amenity-rich hub of Perimeter Center in northern Atlanta. Pacific’s entry into the Atlanta market is a continuation of broader portfolio expansion efforts throughout the East Coast which includes communities in the New York Metro, Boston, and Mid-Atlantic markets.
“We are excited to bring our institutional capital relationships and longstanding track record in the multifamily space to the Atlanta MSA for both value-add repositioning and long-term core ownership. We fully expect this to be the first of many in the Atlanta MSA, a market in which we are significantly underweight, and we look forward to a productive 2024” said Matt Lederer, Vice President of Investments at Pacific. “This investment in Atlanta represents an excellent addition in a core location with steady demand that fits squarely within Pacific’s investment thesis: quality communities in core locations proximate to significant employment and lifestyle amenities. In addition, Kinsley offers a significant value proposition for residents as compared to more recent deliveries and home ownership.”
The Property is well-positioned in Perimeter Center, Atlanta’s largest CBD (35M SF+ Office, with 130K+ Jobs), one-mile from the 1.5M sq. ft. Perimeter Mall, and a five-minute drive from Atlanta’s largest concentration of hospitals (1,350 beds). The Property’s location benefits from significant drive-by visibility due to its location on Mount Vernon Highway and is less than half a mile from State Route 400. Perimeter Center also offers an abundance of retail amenities, much of it walkable from the Property. Built in 1997, Mount Vernon Flats is a 3-story garden-style community on 24 acres with a density of 17-units per acre, a competitive differentiator from the higher-density communities in the immediate area, with large floor plans averaging 1,101 sq ft and a comprehensive amenity set.
“Pacific would like to thank our counterparty, New York Life Investments, for achieving a very smooth transaction, leveraging our preexisting relationship with Walker Dunlop, the broker” said Patrick Freydberg, Director of Investments for Pacific Urban Investors.
About Pacific Urban Investors: The Palo Alto, CA-based company has over $8.5 Billion in assets under management and owns and manages a national portfolio of more than 21,900 units. The firm and its partners have decades of experience in apartment investments, both repositioning and ‘re-manufacturing’ multifamily assets and their income streams to their optimal, core potential. Pacific has progressed over time to become a best-in-class owner, operator, and asset manager in the multifamily space, serving as a fiduciary for its own partner capital as well as its strategic partnerships with institutional pension funds and other sophisticated investors. Pacific is actively acquiring multifamily assets as a principal and providing both co-investment and preferred equity for development, acquisition, and recapitalization.
For more information, please visit www.pacificurbaninvestors.com.
Media Contact: Christine Briones
Office: 650.842.2390
Email: cbriones@pacificurbaninvestors.com
